November 21, 2019: Post office provides a very convenient option to save and invest money. Why is post office savings more convenient to the Indian homemaker? The following points will make it clear:
The most important point why I always prefer post office over bank for homemakers is because Tax is not deducted. So for those not falling under taxable limit there is no headache of filing returns and claiming tax. In banks also you can submit form 15G/H directing them not to deduct Tax but again that has to be submitted every year. Also, if you are investing this without telling your husband, once Tax is deducted, you have to disclose this. Therefore, the post office savings is the most convenient and safest way.
Mommies are too tied up looking after the house and the baby. Can’t go to the nearest post office. No problem. There are post office agents available who will visit your home to collect the money and deposit. You can avail their services. But please ensure that they are known to you and trustworthy. Lot of homemakers these days have become post office savings agent. So that is an income opportunity for those SAHM looking for work from home.
We know how hard saved the money is for the homemakers. And therefore, we would like to invest it at a place which offers us the maximum return. The interest rate on most of the instruments offered by the Post Office is higher than what is offered by banks in Fixed Deposit schemes. This is another plus point.
Kisan Vikas Patra and National Savings Certificate (NSC) are unique to Post Offices. No other financial institutions offer these products. I strongly recommend investment in NSC.
Since post offices are by Government of India, your money is guaranteed and safe.
So ladies, do take advantage of this amazing facility so near to you.
P.S. If you are planning to shift cities, then I will not suggest this, as maturity amount has to be collected from the same post office in which it was deposited. But you can always invest in the post office at your mother’s place.